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Operating Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Operating Segment Information Operating Segment Information
The Company invests in luxury and upper-upscale hotels located in major U.S. cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets. In this note, the Company refers to hotels and resorts as "hotels". These hotels provide lodging, food and beverage services, and a range of amenities, including banquet and meeting space, fitness centers, swimming pools, spas, golf courses and other lifestyle amenities. The Company’s Chief Executive Officer, who serves as the Chief Operating Decision Maker (“CODM”), evaluates the performance, allocates capital resources and manages the overall operating and investing strategy of each hotel individually. The Company's hotels are not managed on a consolidated basis. Given these factors, the Company considers each hotel to be an operating segment. Because all of the Company's hotels offer similar full-service products, services and facilities, serve a similar mix of business and leisure customers, have similar economic characteristics and risks, and utilize similar methods to distribute their products and services via third-party management companies, all hotels have been aggregated into a single segment for reporting purposes.
All operating segments adhere to the same accounting policies as those described in Note. 2 Summary of Significant Accounting Policies. The CODM evaluates the performance of each operating segment using hotel earnings before interest taxes depreciation and amortization (“Hotel EBITDA”), comparing it to prior reporting periods, forecasts and industry/peer benchmarks on a monthly basis to make decisions and allocate resources. Additionally, the CODM considers other performance indicators such as Total Revenue, Revenue per Available Room (RevPAR), Average Daily Rate (ADR) and Occupancy to assess performance. The CODM does not rely on segment assets or aggregated data by brand, property type, or geographic region to make strategic, operational, investment or resource allocation decisions.
The following table presents the Company's segment hotel revenues, Hotel EBITDA, including significant hotel expenses and its reconciliation to Net income (loss) for the years ended December 31, 2024, 2023 and 2022.
(in thousands)
For the year ended December 31,
202420232022
Revenues:
Total revenues$1,453,309 $1,419,949 $1,391,891 
Less: Corporate and other revenues7,084 10,484 8,607 
Hotel revenues1,446,225 1,409,465 1,383,284 
Significant hotel expenses:
Room expenses250,875 248,020 225,992 
Food and beverage expenses273,731 264,163 243,543 
Hotel general and administrative119,308 120,122 116,183 
Hotel sales and marketing94,490 94,187 86,483 
Hotel operations and maintenance120,677 119,277 111,191 
Hotel management fee42,326 40,782 41,304 
Hotel real estate taxes, personal property taxes, property insurance and ground rent124,142 120,062 122,194 
Other segment items (1)
51,507 51,565 51,969 
Hotel EBITDA369,169 351,287 384,425 
Depreciation and amortization(229,531)(240,645)(239,583)
Interest expense(112,432)(115,660)(99,988)
Impairment(48,146)(81,788)(89,633)
Gain on sale of hotel properties— 30,375 6,194 
Business interruption insurance income and gain on insurance settlement48,574 32,985 — 
Income tax (expense) benefit25,628 (655)(277)
Corporate and other (2)
(53,246)(50,175)(46,119)
Net income (loss)$16 $(74,276)$(84,981)
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(1)    Other segment items include expenses incurred for parking, spa, franchise fees and other hotel operating expenses.
(2)    Corporate and other include corporate general and administrative and other operating income and expenses.